Bitcoin exceeds US$28,000 amid BlackRock’s proposed new ETF

Bitcoin’s value climbed above US$28,000 in June for the first time, spurred by asset management giant BlackRock Inc.’s proposal for a new exchange-traded fund (ETF) in the U.S.

The leading cryptocurrency saw a 5.3% increase, peaking at US$28,142 during New York trading hours.

Other cryptocurrencies, such as Ether and BNB, also registered gains.

On June 15, BlackRock submitted an application for a Bitcoin cash ETF to the Securities and Exchange Commission (SEC).

Despite the SEC’s past resistance to such spot funds, this effort is backed by the world’s largest asset manager, signaling potential progress for the industry.

New crypto exchange, EDX, backed by prominent industry players such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., recently launched.

Deutsche Bank AG is also seeking regulatory permission to operate a digital asset custody service.

These initiatives could reshape the digital asset landscape, particularly given the increased scrutiny of the industry in the U.S.

Since BlackRock’s initiative, Bitcoin has risen approximately 9%, breaking through the US$27,000 resistance level.

This comes in the midst of Grayscale Investments LLC’s ongoing legal efforts to transform the Grayscale Bitcoin Trust into a physically backed ETF.

Meanwhile, market trends are influenced by U.S. cryptocurrency regulations and broader economic factors, including possible further monetary tightening in the U.S. after the Federal Reserve paused interest rate increases.

The potential impact of China’s economic stimulus on Bitcoin is also being closely watched.

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